2 or 5 yr fixed rate query

li_sa

Hi there.
just looking for some advice. My mortgage rate is due for renewal and I have been offered 2 or 5 yr fixed rate at same monthly cost (both an increased of £35 per month). 

I am also planning to sell my rental property early next spring and hope to use some of this money for repairs to our own home. There will be money left over to put into my mortgage. 

Do you think 2yr Fixed-rate ? Or 5yr for security and put the money into savings? 

Thanks in advance 

Yawn

Nobody can advise you on that without knowing the interest rates, the overall balance, etc. And even then, it depends on your risk appetite. If you take out a 5 year fix you could spend three years regretting that or be very happy. So what sort of person are you? Are you risk adverse or often filled with regrets?

Make sure you check how much you are allowed to repay as it's often only 10% of the balance and you don't want to incur a charge.